A nearly complete 27-unit multifamily property in Coral Gables sold for $11.1 million despite market uncertainty created by the coronavirus pandemic.
Adar Galiano 1091 LLC bought the apartment building June 8 from 1091 Galiano Investments LLC, according to the Miami-Dade County Property Appraiser's office. The transaction breaks down to $411,111 per unit.
The six-story building sits on a half-acre lot on the northeast corner of Galiano Street and Phoenetia Avenue at 1091 Galiano St.
It's expected to be tenant ready in up to three months after final details are completed.
Seller 1091 Galiano Investments developed the mid-rise after buying the site for $2.55 million in 2017.
It's affiliated with the Miami family of real estate investor Ricardo Carozzi. He was listed as 1091 Galiano Investments' manager in state corporate records filed in 2017 when the company incorporated. Later filings with the state list Nara and Daniela Carozzi as managers.
Buyer Adar Galiano is affiliated with Jonatan Sredni, who manages real estate firm Urban Residential Properties LLC in Aventura. It wants to develop another Gables multifamily building with 174 units at the intersection of Salzedo Street and Madeira Avenue. The city is reviewing plans.
The Galiano Street building has 24 two- and three-bedroom units with outdoor terraces offering expansive views of Coral Gables and downtown Miami and three ground-floor townhouses. Amenities include a pool, barbecue areas, garage, gym and bicycle storage.
The coronavirus pandemic has thrown a once thriving Miami-Dade real estate market into uncertainty. Stay-at-home orders and widespread closures of nonessential businesses translated to mass furloughs and layoffs in the hospitality industry, one of the county's biggest employers.
Before the spread of COVID-19, multifamily was one of the strongest asset classes based on population growth and barriers to home purchases. Unemployment blamed on the pandemic has left some tenants unable to pay rent or prompted payment delays.
Marcus & Millichap investment specialist Landy Toledo in Miami represented the buyer, and Urdapilleta Real Estate LLC's Dolores Urdapilleta in Key Biscayne represented the seller.
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Lidia Dinkova
Lidia Dinkova covers South Florida real estate for the Daily Business Review. Contact her at [email protected] or 305-347-6665. On Twitter @LidiaDinkova.
